Free State expands its economic wings

Free State expands its economic wings

The Free State Province, positioned in the centre of the country carries within it great potential for economic growth as a viable investment destination for both domestic and foreign investors.

The province was not immune to economic challenges the world grappled with in 2023, its provincial economy was projected to contract by 0.1 percent following growth of 1.5 percent in 2022. But the Free State economy was also projected to grow by 1.9 percent from 2023 to 2025.

The province is showing positive signs of growth and attracting foreign direct investment. The Free State has already sealed trade relations with China, which has a presence in the province through Chinese owned companies employing hundreds of locals.

Continuing on this trajectory, the Free State Premier MaQueen Letsoha-Mathae welcomed the Indian Consul General Dr Thelma John David into the province on 15 October 2024, where the two strengthened cooperation and trade relations.

The duet discussed collaborations in key areas such as education, agriculture, tourism and cultural exchange.

Letsoha-Mathae enticed Dr John David on the investment opportunities in the province and she invited India to invest in a long-term partnership with the Free State. The two were on mutual ground as they discussed the long-term partnership that could drive sustainable development in the Free State through shared knowledge and expertise.

As the world is moving away from fossil fuel and into green energy, the Premier showed keen interest in India’s green revolution and its role in addressing food security, pointing out that the province is on a drive to revive the agricultural sector as the bread basket of the country.

South Africa is largely reliant on fossil fuel to generate power, which drives economy, however, given climate change challenge and laws associated to it, the economies across the world carry the responsibility to reduce emissions and save the planet for future generations, moreover, green energy provides consistent regular power supply, which means the economy can function without any disruptions.

Furthermore, the agricultural sector of the Free State is projected to grow by 2 percent over the medium term. The sector, alongside financial services and transport are projected to be the main sectors to contribute towards the growth of the Free State economy.

Dr John David affirmed that India is committed to enhancing skill development and capacity-building programs. India and South Africa are both members of the BRICS economic bloc, and as such they are historical allies that have exchanged many beneficial programs.

The Consul General further proposed expanded opportunities for the Free State locals to undergo specialised training in fields such as agriculture, business development and technology; which will equip the natives with the essential skills needed to transform their local communities and grow the economy.

Premier Letsoha-Mathae has since welcomed the initiative by India’s Dr Thelma John David.

Journalist

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